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Bitcoin Plunges Under $60K; Crypto Bulls Lose $200M as Dogecoin, Solana Tokens Drop 10%

Aug 3, 2024
    Bitcoin slumped under $60,000 in early U.S. hours Sunday as a market sell-off continued into its fourth day, with bullish futures bets losing nearly $200 million in the past 24 hours.Ether (ETH) fell under $2,900, retracing all gains from its run to $3,400 in July as spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S.

As a seasoned crypto investor with a decade-long journey through the volatile world of digital assets under my belt, I must admit that the recent market sell-off has become a familiar sight, albeit never less disheartening. The plunge of Bitcoin below $60,000 and Ether’s retracement to pre-July levels are stark reminders of the rollercoaster ride we all signed up for when we embarked on this digital adventure.

On Sunday morning in the U.S., Bitcoin dipped below $60,000 as a persistent market downturn entered its fourth day. This sell-off has led to significant losses for optimistic future contracts worth around $200 million over the past 24 hours.

In the last 24 hours, Bitcoin (BTC) decreased by 4%, according to CoinGecko, hitting a three-week low of $59,400. Compared to BTC, Solana’s SOL and Dogecoin (DOGE) experienced a larger drop, more than 9%. Other major cryptocurrencies like Binance Coin’s BNB, Ripple’s XRP, and Cardano’s ADA dropped around 6%. Toncoin (TON) saw a smaller decrease of 1.8%.
Ether (ETH) fell under $2,900, retracing all gains from its run to $3,400 in July as spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S. The products have recorded net outflows on six days out of nine days of trading, SoSoValue data shows, seeing $510 million in total net outflows since launch.

The diversified CoinDesk 20 Index (CD20), which monitors the larger cryptocurrencies excluding stablecoins, experienced a decrease of 5.73%.

Over 97,000 traders collectively lost approximately $200 million in bullish future bets over the past day, according to CoinGlass data. This massive loss occurred due to sudden market shifts. The biggest losses were in ETH long positions at around $55 million, followed by bitcoin long positions at about $43 million.

As a researcher, I previously sounded an alarm predicting a potential surge in Bitcoin’s value towards the $55,000 mark, as shared last Friday. This forecast was influenced by escalating geopolitical issues in the Middle East and a general decline in investor optimism for riskier assets like technology stocks.

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2024-08-04 18:32